Bloomberg Businessweek Weekend - November 19th, 2021

edition of Bloomberg Business Week. A double issue this week as we head toward the Thanksgiving holiday, and a significant portion of the issue dedicated to something that is definitely on the minds of investors and consumers alike. Tim, we're talking about inflation. Special report on the impact of these rising costs and how they compare to the stagflation era of the nineteen seventies and what we can expect in the months and years ahead after a generation of relatively

stable pricing. We're also going to examine the potential ripple effect on fiscal and monetary policy. Ahead this hour, we'll take you through the rise and fall of an aviation giant and the corporate arrogance that led to a pair of fatal Boeing seven thirty seven Max crashes. Will also explore different sort of tragedy that befell the Gucci Clan fashion sign ma Rizio Gucci's decision to leave his wife led to his murder, and the woman he wanted to be with instead shares her side of the story for

the first time. This on the eve of a major motion picture release about the family's troubled history, and you'll hear from a pair of CEOs, the CEOs of Sonus and Wheels Up join us to talk earnings, supply chain constraints, and the fight for talent and Go Goes drummer Gina Shock presents an all access look at the legendary girl band's wild ride to the Rock and Roll Hall of Fame. We got to beat this week, all of that to come. We begin, though, by welcoming our editor of a Bloomberg

Business Week magazine, Joel Webber. Hey, Joel, As we mentioned this week's double issue, highlighting a special report on inflation, it is back. Tell us though, how it all came together, and I gotta tell you the cover, tell us what was behind that? Thinking as well? Yeah, so you know,

thinking about the Thanksgiving here. This does feel like it's going to be the topic that everyone talks about around the Thanksgiving table, because you know, one of those themes in in finance for for years now has been what happened to inflation? And actually just a couple of years ago we did a cover story that was like, is inflation dead? And now it's not. It's back and everyone

wants to know how bad is it? Um? But because of the echoes from the you know, the late seventies and early eighties, that informs sort of the visual iconography that we used throughout the package and on the cover where it has sort of a Ghostbusters Poultrygeist theme with the big inflation, Um, it's back. The fear is real, but as we also establish, you know, the monster might not end up being quite as bad as as I think we're hearing a lot. So so that informed exactly

how we kind of approached the package. Once we saw those CPI numbers that we could go, we just stopped everything we had in the works and that let's let's hone in on this and really talk about what it

means for investors, consumers, companies. And so we put this pactice together kind of look at all of those things and what does it mean for From Washington, d C. The politics of inflation, Josh Green has a piece out that really says there's not a lot that Joe Biden can actually do to tame inflation, but voters are are going to blame him regardless. It's really a conundrum for for anybody in the executive branch because there's so little

that um the president can actually do. And obviously, the the historical example of this that we also talked about in the package is the Jimmy Carter moment, right where every everything went wrong on for Jimmy Carter between Iran, the you know, the the pinches that consumers felt were really the thing that probably brought Reagan um into power.

And so Biden is stuck in the same conundrum really that was very similar there where he does not have that many levers at his disposal, and Republicans we already know heading into mid term inflation will be a thing that they paint all over Biden. And I just want to squeeze in one last story first of all, because I love seeing Jim Ellis back in the nineteen eighties, uh and a picture of him with his little kids. It's adorable, but it's so real, like it reminds us

of somebody, you know. When it comes down to it. It's what we're paying for things, right, well, Americans, what it costs to fill up at the pump and stuff. And Jim takes us back there and he remembers it really well when raiths were so high. Yeah, Jim Melis has done with the magazine for actually four years and uh he this goes back to when he was actually

made bureau chief in Atlanta in the early eighties. So he gets transferred down there, and then the mortgage that he gets is fourteen and a half percent, and he, you know, he gets a two percentage point cut when mcdraw hill, who owned Business Week at the time, helped make it a little bit more palatable. But boy, you know, he goes through how how painful it was to suddenly have a mortgage rate be that high. I mean, it's just unfathomable now when you know we're looking at three

percent rates feel even thirty year fixed mortgage, right three. Yeah. The other thing the legacy here that Jim connects it back to is now that he's an older American, inflation is really gonna hurt seniors because they're the ones who are living on closer to six incomes and and so you know, kind of was this thing that when he was a young man and now an older man, you know, you just can't escape in place. Hey Joel, uh, well

we have you. We are talking rising prices though, but we also want to talk about shares of Ribbean since it's I p O and the rising prices were rising stock prices, right, we don't that's that's the thing. In the dex section, Bloomberg News editor in chief Emeritus Matt Winkler explains why this company is one D thirty billion dollar valuation and the absence of any actual sales is

the ultimate validation of Tesla and the e V business. Yeah, so this is I found an interesting story because as we've seen, Ribbyan just absolutely pop since it's I p O. Uh, you know, it actually ends up and that's not right. It validates Tesla. Tesla has been out here for ten years, and you know, the assignment came from basically like, how

did Tesla compare when I PO to Ribbyan's IPO. And one of the biggest things was that actually, at the moment that Tesla IPO and people forget this, they actually had product that was generating revenue. Obviously, Ribban a different story in that matter. But because of you know, the backing of companies like an Amazon having a huge steak and Ford it's sort of uh and the fact that they're looking at product lines that Tesla has not yet

quite been in. There's a lot of euphoria for really, and that investors who felt like they may be missed down on Tesla, here's another chance to get in the game. All right, Well, that's a great story. And there's another one by Claire Setteth on childcare, the most broken business in America. So definitely check out the issue on newsstands, online, and of course on the Bloomberg Joel, thank you so much.

Have a great weekend our thanks to Business Week editor Joel Weber joining us with a look of this week's double issue and coming up next, an American media powerhouse is igniting a startup spark within its vast portfolio of businesses. How Comcast NBC Universals bring a new wave of entrepreneurs into the fold. You're listening to Bloomberg business Week some trends when it comes to media. That's coming up next.

This is Bloomberg. This is Bloomberg. Bus to this week with Carol Messer and Bloomberg Quick Takes Tim Stinovic from Bloomberg Radio. Comcast NBC Universal recently announced its fourth Lift Labs Accelerated class. If you're not familiar, well, the initiative identifies and funds early stage companies that are innovating in the digital content and connectivity space. It's part of the mass media and entertainment giants effort to capture and nurture

that startups spark within its own portfolio of businesses. It also helps aspiring entrepreneurs to refine their processes and scale faster, putting themselves in a position to provide solutions to partner needs. It's really cool stuff, to be quite honest him. It's about the startups, where contents going, and Comcast wants a view into all of that. Daniel Cohne is VP of Startup Engagement over at Comcast NBC Universal. Her team fits

within the Conglomerate Strategic Development Unit. Her goal, well, it's all about discovering and cultivating talent that she says is quote inventing the future. Yeah, so I'm just for a

little of a little contact. Startup Engagement, which includes less Labs and sports Teck at Comcast NBCU we sit within strategic development, which essentially provides an early lens for for future growth areas in our company, UM and we bring together all parts of our company, Comcast, NBC, Universal, Park, Picture, Sky, and our broader family of brands to work side by side with strategically aligned global startups UM and it's really

to drive a startup mindset back into our already innovative business, to develop new startup partnerships at the earliest stage with companies that are inventing the future, making customers and employees lives better. And ultimately those are the people who are also making an impact in startup communities in which we

all live and work UM. The common thread is that through these programs and collaborations, we're all kind of spotting that potential disruption, emerging technologies, the new platforms, edge opportunities, and and all together startups and our ts are gaining valuable insights and efficiencies along. So what does that mean That every company that participates in the Lift Labs accelerator gets an investment from Comcast, So every company and inter accelerators,

they do get an investment UM. But beyond the investment, it's really about building the partnership with these early stage companies that are working in media, entertainment, connectivity, or sports. Some are at the earliest stage, their steed stage companies, and then we actually have programs like lift Off their for enterprise ready startups, and our team really helps them to get enterprise ready. We help them with business development,

go to market strategy, how to pitch UH investors. In some cases it's even you know, how to deal with hr issues that they're having as they build their their teams at the earliest stage. I was reading about what you guys are up to. It reminded me a few years ago I did a story with Johnson and Johnson.

They something called j Labs out on the West Coast and it's basically an olerator biotech incubator, and it's just a space where companies individuals who are creating things in the healthcare science space, medicine space come in get a little spot there, but can work with the company, really tap into the expertise and equipment of J and J. But it gives J and J a window into the future and an ability to invest in it. And it sounds like that's what you guys are doing on the

media space. I love talking about this because it gives you an idea of maybe what are going to be the trends, the technologies, UH content and so on and so forth, media, how we consume it going forward? What should we be thinking about, um, Danielle when we kind of open up our eyes in terms of where this is all going. And I know the folks that j labs and they do an amazing job, and we are

we are similar in in our approach. UM. You know, the focus areas for us change all the time because they are based on trends that we're seeing both insider company and outside. UM. We've recently concluded at our our fourth program. As you mentioned, we had a demo day a couple of weeks ago, and the two primary trends that we saw last year that led to this year's class. One was in the future of work, a reoccurring theme that everyone every listener is feeling. UM. You know, really

if you think about hybrid work collaboration tools. So we've got a bunch of companies that came through last year's class in this year's class. UH company called the Guiche from Israel as a mobile app that allows people who are deaf and hard of hearing to communicate via phone by converting speech to text and text to speech faster and more accurately than ever before. Our team's actually using them for for doing interviews with people who are hard

of hearing. Another company think Confluent out of Paris as an AI assistant that can analyze free form, open ended survey questions that we've all done from employee surveys and get sentiment analysis what did someone mean by what they said?

In second and out of Philadelphia headquarters, they employee Cycle, which curates multiple HR tools into one dashboard, making it really easier for businesses of all sizes to understand their employees concerns and what's going well you were talking about or you wanted to mention another theme that you guys have been focusing on take it away, Yeah, absolutely, UM.

As you know, as an innovation company, we're always challenging the status quo and looking at new focus areas, and our our team is just you know, one part of the company's cross company collaborative innovation strategy. And one of the themes that came up this year that really stood

out was interactive and immersive experiences. UM. We're really inspired by the creativity of the startups and their enthusiasm and building and launching and scaling these very novel solutions like Helodia UM, which is a fitness tech company that creates incredible VR experiences to enhance your workout at home or in the office. I tried it. It's in our fitness center at the Comcast Technology Center and it is out

of this world. And another our company called Zoo, which makes it more engaging for grandparents and parents and their kids to stay in touch through augmented reality storytelling. And those are just two of the themes. We generally have about five themes for the year when we start to scout for startups UM and you know, over the years we have had a real proven track record. We now have about fifty companies in our portfolio that have gone

on to to raise millions. All right, so Tim and I are dying to ask you metaverse, how is that playing in thinking or interest when or are some of the companies that are working uh uh in the accelerator. Yeah? Absolutely, I mean I think one of the companies that I mentioned, Helodia, is really about immersive experiences and uh, I'm not someone who loves to work out and I tried a rowing machine for the first time, not alone in that. I'm

just going to tell you you're not alone. Well try Helodia, because I worked out for thirty minutes and I do it not realized I had worked out, and I was so in awe of the visual and what was happening around me. Is it a headset? You know? It's so you use a a VR headset, you'll use an oculust, but it's sort of agnostic. You can use it with any machine. But the more you row, the greater the

visual experiences. And it made me work out. That was Danielle Cone, vice president of startup Engagement at Comcast NBC Universal. Still ahead on Bloomberg Business Week, we go from Lift Labs to Lift Off, the CEO of Wheels up stops by the talk earnings and surprise supply chain trouble. Even the private jet industry cannot avoid it. Plus how the company is providing incentives to its pilots to keep them

out of commercial cockpits. This is Bloomberg broadcasting from the financial capital of the world, Bloomberg Eleve in Rio in New York to Washington, d C. Bloomberg to Boston Bloomberg one oh six one does San Francisco, Bloomberg nine six to the country, Sirius XM Chamber, and around the globe, the Bloomberg Business and Bloomberg Radio dot Com. This is Bloomberg Business Week with Carol Messer and Bloomberg Quick Takes.

Tim Stinovin on Bloomberg Radio Product claims Tim, it definitely felt like it was a luxury that grew into a necessity at least for some during the height of the COVID nineteam, I mean I feel like luxuries understatement, right, this type of flying makes first class look like a bargain basement price. I know, listen, perspective, perspective here, folks supply jain worries. Though cost pressures are weighing on the outlook for wheels Up. It's a business that our next guest, though,

believes it's still poised for significant growth. He definitely does. Kenny Dictor is the founder, chairman, and CEO of wheels Up. It's a publicly held private chartering company that reported earnings recently, posting a quarterly net loss of fifty nine and a half million dollars against a profit more than twenty million one year ago, shareholders looked past the fifty year over year revenue increase that brought in a company record at

three million dollars. These are figures that dictor X spects to continue as share prices try to bounce back from one lows. First up, though, dealing with today's bottlenecks supply chain constraints definitely making it more expensive for us to deliver for our membership and over deliver for our membership. So short term pain here, but I think in the long run, this has been just a super supermarket for UH, for private aviation, and we see the demand really coming

strong for you know, an extended period of time. You know, a friend of my husband and I well known in the airline industry and UH he and his wife both are and they've talked about though some of the shortages in constraints, whether it's pilots and workers coming back, that's some of what you guys experienced as well. Yeah, I mean, you know, you have this historic demand level that our industry is seeing. In the private aviation side, I think

the supply chain, third party maintenance. You know, when a plane goes down a O g UH, it needs to be fixed that return to service time is critical. It's a little bit slower than it's been historically pilots as the commercial airlines are schooling back up. There's a movement around where again, I think that the industry is kind of finding its footing as it relates to the cost. I think they're they're temporary and transitory in nature for the most part. I think from a wheels up perspective,

we're now giving our pilots equity. We rang the bell of the New York Stock Exchange uh July four team this year, So our pilots are all our partners now. So I think we have a really differentiated program to be able to attract the pilots and and keep them and again their partners in the business. Hey, Kenny, what can you tell us about demand and the way that demand has shifted during the pandemic Because this your business was around before the pandemic. You know, I've spoken many

times before. How how did demand shift during the pandemic and how do we know that that demand will be uh long lasting, that that demand won't be transitory once the pandemic is over. Yeah. Well, going into the pandemic, our our industry was ramping up the convenience of flying privately. Uh, the idea of it you can get from A to B to see in one night and still be home for dinner. All of that was in play. I think technology is the big unlock here. You know, we partnered

with a couple of former Amazon executives. Greg Realley was our chairman of Marketplace and Vanyak head Day, who's now our president. Uh. Technology is the big unlock in this space. You think about what Open table did for restaurants and what Hotel Tonight did for a real time availability in the hotel space. You know, nobody has endeavored to become the Amazon or the the Uber or the Airbnb of the private aviation space. And there's just so much latent

capacity out there in the airframes. Like Travis Klinik and Garrett camp Will figured out that the American car was parked twenty three hours and thirty minutes a day. Uh, the average business jets parked twenty three hours and forty minutes a day. Well yeah right, and think about you know that's there. You're losing money just sitting there. Um. But I'm wondering, though, I want to go back to Kenny if I may the cost equation and the cost

sight of your business. Total costs and expenses. We're up a year over year three sevent million dollars. We talked about you know, you guys are having to pay up to retain those pilots along with crew. Does that continue or how long does that continue into next year? Well, I would say the pricing. We have pricing power. Our industry has pricing power. We took very gently. We took eight on our entry level, the King Air and the

light jet program. Uh, people will pay more now. We have a membership model I think Amazon Prime, think Costco, and we want to make sure that our members feel like that membership has a lot of value. And I would save it the wheels up membership today because of our availability and because of our willingness to take care of our members in this environment where prices are going up. We just want to be super gentle because we know

how valuable these folks are lifetime value. And uh, again, if we took a short term approach, or we were a you know, sort of a charter broker or or somebody that was doing this one off, we couldn't take this long term approach. But we really believe in the lifetime value of our membership. That's Kenny Dickter. He's the founder, chairman and CEO of private aviation firm Wheels Up. You're

listening to Bloomberg Business Week. Up next week turn our attention from private aviation to the commercial jet industry and a much larger company with much larger problems. We're going to talk with Bloomberg News Projects and Investigations reporter Peter Robison about truly an incredible new book that he's written. The title is Flying Blind Then Max Tragedy and the fallow Boeing How cost cutting in corporate arrogance at the world's largest planemaker led to tragedy in the air and

a disaster for the company. This is Bloomberg. You're listening to Bloomberg Business Week with Carol Messer Bloomberg Quick Takes Tim Stinovik from Bloomberg Radio. It was a Bloomberg Big Take from the past week. One of our most read stories on the Bloomberg when it hit. It's also featured in the double issue of Business Week magazine, A chilling look inside the aviation giant Boeing. It is packed with details.

It reads like fiction but we know Tim, it's reality. Yeah, a series of tragedies that certainly our listeners are familiar with, but new information about a series of missteps and oversights that would lead to a pair of major air disasters involving its prize seven thirty seven Max jet. The result was hundreds of lives lost and lasting reputational damage to the world's biggest planemaker. Well. The story is excerpted from a new book by Bloomberg News Projects and Investigations reporter

Peter Robison. It is called Flying Blind, The seven seven Max Tragedy and the Fall of Boeing out November. It's definitely must read. Peter joined us to provide some important context to the piece, and Bloomberg business Week editor Joel Webber explained how we chose to feature it in the magazine.

You know, there's been so much troubling stuff in the world over the past couple of years, but if you rewind the clock to the before times, this was sort of the most troubling big corporate story of that moment was when the seven three seven Max started falling out of this guy, and it literally felt like, you know, here at Bloomberg even like people were looking at what planes they were going to be getting on, and people were just like, we're not getting on seven thirty seven

Maxes anymore. Um. And you know, even before that, that was basically because of the second incident, which was uh a flight that was in Africa, This one that Peter's excerpts based on, it was the one in Indonesia that

really set off all the alarm bells. But as Peter's excerpt reveals, this is the time between the Indonesian crash and the subsequent one, and it shows this really alarming uh conversation or maybe lack of conversation between Boeing and pilots, And that was just a deeply fascinating area for me as I started reading it. We were just talking about this. The extrapt reads like the very very very best storytelling you can possibly imagine. It just literally grips you and

you can't look away from it. So uh, that's why we excerpt it. Um, Peter, can you just rewind the clock a little bit and and talk to us about, um, what you knew going into this book and then what you what you learned. Well, I had a long history with Boeing because I was the beat reporter on Boeing from two thousand two for Bloomberg, and that was a period when Boeing was really flying high. It um what had about two thirds of the commercial market, and it

just bought its main competitor McDonald douglas UM. But but there were really troubling signs because it also had made this self conscious shift to focus more on shareholders. And that was also the period when Boeing moved its headquarters to Chicago, and that the news release actually explicitly said that it wanted to create a leaner corporate center based

on shareholder value UM. And I know it might seem strange to to focus so much on something from twenty years ago, but the aircraft industry is such a long running industry. The MAX was in development for ten years, but in that time the MAX was in development, Boeing was returning of its free cash to shareholders. So so what was happening was that the improvements that the engineers

wanted to make to the plane. UH, there was a proposal for more sophisticated flight controls that might have prevented this tragedy just weren't being made. UM. So, so when I came back to this story, I remembered, especially the concerns that engineers had. They went on a forty day strike in two thousand and it wasn't primarily over wages

and benefits. It was primarily over company strategy. They said at the time that that Boeing was was not making the changes needed to compete and and was going to suffer and and so I I just felt duty bound to to to dig in deeply and try to understand what had happened. How much of it, too, was people internally saying things and senior management just not listening that that's a really good way of describing it. There there there were warning signs there. Senior management was being told.

There's there's an extended scene in in this story where pilots are explicitly asking Bowing to ground the plane, telling them that they themselves could not have flown the plane in those situations, but senior management didn't listen to it. Peter, was there a moment where pilots and their interactions with kind of the corporate culture at Boeing like it changed dramatically. That's that's something else that changed over time. When I

started covering the company. Uh, there was a group of pilots who are the trainer pilots who go out and UH talk to pilots at airlines. They fly on the line with them. They understand how pilots react to Boeing's designs. UM. And those pilots UM twenty years ago were moved into a group UH a joint venture with a Warren Buffet owned company called Flight Safety Bowing. UH. They were moved

outside of Bowing. So so those pilots that the communications lines between those pilots and the test pilots who work with the engineers to design the planes. According to people I've told, just eroded over time, the name of this training group was changed to Alton at one point, UM,

that moved to UH Plano, Texas at another point. UM. And And so when you when you look at those emails that have become famous, there's a there's a pilot who learns late in the process that the automated software called m CAST is going to be active at at lower speed than he realized. And what he says is he was left out of the loop. UM And And it's because of the the this breakdown in the corporate culture. So, Peter, if you boil the story of the Boeing seven seven

Max down. Ultimately, there was the software decision that Boeing made. What Boeing UH decided to do with the software that they had and and can you walk us through what they decided to do and why it proved to be such a catastrophic decision? Right. The software was was meant to change the performance of the plane in UM certain

stall conditions. There was a concern that UM, when the plane without m cass if the plane we're stalling, UM, the stick is supposed to respond consistently throughout the stall. And and the test pilots discovered that it was getting mushy at as they call it, at one point in the in the stall. So UM, when that happens, there are ways of changing, you know, how the plane responds. Some of them are hardware changes. UH. You can change the size of the tail. Those are all costly expensive changes.

That the software was was added h one reason being because it was it was cheaper, so UH it was looked at as a way to UH compensate for a cork of the physical design UM and then the in the first iteration of the of the design it applied only to high speed stalls. UM and there were two sensors that UH that would have turned on the software UM late in the design process when it was realized that that low speed stalls were also affected. The software

is extended to that area as well. UM. But the crucial thing was that that only was tied to one sensor. So it meant that during takeoff at a at a point when the plane is vulnerable and very low, if there is a problem with this sensor, it would set off this software, which was also designed to fire repeatedly,

not not just once. UM and and so UM the I mean, the tragic thing is that there were questions being raised by engineers at Going at the time, but because of the UM problems in communication and the culture of the company, those concerns weren't getting through. And ultimately, as I described in the story, the the design was was certified by the FAA without the f A even having knowledge of this late change in the design, which, man,

that is just shivers when you think about that. Peter, what did what did it must have feel like for the pilots who were flying of this Indonesia plane in particular, because I mean you you actually go through almost second by second, what was happening in the cockpit. What what were they feeling? It happened right away, so it was it was shock. Um, the stalled stick the column started shaking in the pilot's hands almost immediately after takeoff, which

is a very rare thing to have happened. He had uh an airspeed um disagree alert go off. He had another altitude disagree alert went off. So there are multiple conflicting warnings about what's happening. And UM, he's you know, simply trying to troubleshoot what's happening in this airplane. Uh were crucially without having been told about this automated software

in what effect it might be having. I'll give away a little bit of Peter's magical storytelling here, which is, imagine there's like a ghost in the cockpit that you're fighting with, right, and that that would have been what it would have felt like, like why is the plane fighting with me like this? And and Peter, when when we learned later how how pilots were basically they felt

like they were allied to by Boeing right exactly. They they they wanted to know everything that was in the manual and uh that that had that had been you know, part of the unspoken agreement with with Boeing. Pilots would say if it ain't bowing, ain't going because they felt that Boeing, uh was, was biased toward pilots, that that Boeing, you know, wanted pilot to fly the planes and and an airbus may have introduced more computerized features, but but

Boeing wouldn't do that. Um So you in this meeting that I described with the American air pilots, it's it's a real sense of betrayal. It really comes through. I mean, somebody should have told us the damn thing was on the airplane? Was was one of the comments. That's Bloomberg News Projects and Investigations reporter Peter Robeson, along with the editor Bloomberg Business Week toel Webber Peter's new book, Check it out, Flying Blind, then Max Tragedy in the Fall

of Boeing that does come out November. That wraps up the first hour of the weekend edition of Bloomberg Business Week From Bloomberg Radio, I'm Tim Stentivic and I'm Carol mass are heading our next hour. The global chip shortage continues to recab it on a variety of consumer goods. The CEO of smart speaker maker, so nos on what customers can expect ahead of the holiday season. Will we

get our speakers lads? And while the company has also taken shares off the table, so much to talk about with him, We'll take you inside the real house of Gucci. A voice speaks out for the first time in a Bloomberg interview just ahead of Ridley Scott's star studded film hitting theaters. Plus price watches and the Go Go Eighties. Tim, We're talking expensive, really expensive watches with the CEO of a Langen Zona. And then we've got the Go Gos

drummer Gina Shock, Rock and Roll Royalty. This is Bloomberg. This is Bloomberg Business Week Inside from the reporters and editors who bring you America's most trusted business magazine, plus global business, finance and tech news as it happened. Sloomberg Business Week with Carol Messer and Bloomberg Quick Takes Tim Stinovic on Bloomberg Radio. Hi'm Carol Masser and I'm Tim stock Lenny Ahead in our second hour of the weekend edition of Bloomberg Business Week, Bloomberg News with a never

before heard account of the Gucci family unraveling. Plus we'll speak with the CEO of a rischmon Owen. That watch company. It dates all the way back to the forties. We're gonna get why it's products command a six figure price tag. That's for a I'm peace, Caro, I'm not a watch. I'm sorry. What Yeah, six figures? Wait? What that's a wait? What not on my well? Actually yeah, I'll put it

on my Christmas list. We put it on your wrist though. Plus, we go inside the nine eighties rock scene with Go Go's drummer and newly minted rock and roll Hall of Fame Regina's Shock She's got a new book app made in Hollywood. First up this hour, though, we got to talk about supply chain worries. We talked about it a lot this week, once again weighing on the corporate outlook. Smart speaker maker so Nos was out with earnings this

past week. CEO Patrick Spence worriesy shortage of semiconductors could last into and he thinks the holiday quarter ahead maybe as company's most challenging yet. You know, the most challenging thing right now is supply. We have a significant amount of demand um you know, the consumer is extremely strong, um, and right now we are just working hard to get as many products as we can into consumers hands in

this holiday quarter. We're airshipping, UM, We're out on the market buying the chips that we need from other companies and workers and all sorts of things. And so our team is hard at work doing everything they can to make that happen. But we do see that as the you know, really, I guess I would say, you know, the uh, you know, the the period where it's gonna be most challenging before we turn up to the kind of growth that we had lined for Physical twenty two

for this year. So it's most acute in our physical key one the December quarter UM, and it should get better um as we progress through two. So I gotta ask you, Patrick, you know, one of the things we're trying to figure out is really understanding our supply chain, right. I mean for most Americans it's you're either ordering online or go to a shelf and it's there or not there. And that's our kind of understanding. We're peeling back the layers right as we keep showing ports and how things

move around. What's your understanding of what broke down in terms of our supply chains. Is it because people aren't working? What is it? Well, if we go all the way back to the pandemic, because really, Karen, we've been dealing with this, you know, all the way through twenty one, and that's why I'm so proud of our ability to really execute over that period and deliver the kind of

growth we did in fiscal one. But if we go back to the beginning of the pandemic, you know, all of a sudden, everybody pretty much turned off the tap in terms of production. So all of a sudden, everybody turned it off overnight as people went into lockdown and tried to figure out what the heck was going on.

And then all of a sudden, with the fiscal stimulus and everything happening and people figuring out how to work from home, I think not just us, but many in many different categories, we saw a much stronger consumer uh than anybody had expected, and all of a sudden, all those factories and all like that that you know, would deliver the hundreds of parts in the son of Speaker, plus the manufacturing facility, plus the shippers, you know, plus the ports all had to completely adjust and go the

other way, which is okay, Now we need to really gear up because it looks like there's a lot of demand there. And throughout the year, I would say from everything I've seen, UM, all aspects of the supply chain have been trying to catch up. And that's what you know, we've been trying to kind of manage back and forth and trying to deal with and so that's why you see it. And it's been ups and downs throughout the year,

and it's been through all the chain. One thing I want to ask, I'm not asking to get political, but can the administration do something to help with the supply chain? From your perspective, I do think the push to you know, really be supporting um, you know, the offloading of ships right and I think they extended the operating hours there. I think that's a good thing. So anything to enable

the flow of goods I think right now is helpful. UM. But a lot of these things, uh, you know, do take some time just to work through and and you know, at least in our case, consumer demand has never been higher. UM. So it's kind of like, uh, you know, it's kind of hitting UM in a perfect storm in that way. Well,

let's talk a little bit about that consumer demand. And I think back to just a few months ago when I ordered a move for my dad for from his Father's Day or for his birthday, and I think this was back in May UM and it actually didn't chip for I think it took a couple of months for it to get to him. And if I look at the website now for so nos even the move right now is expected to ship December sevent So are you saying right now that people who order this potentially couldn't

get it by Christmas? Yeah, Jim, it will depend on the products UM or in the country you're in and everything. You might be able to go to best Buy or cost Go and be able to purchase one UM. But yeah, I mean we keep that up to date UM on Sons dot com, so you can see it's pretty transparent quite frankly, how long it's going to take to get some of our products and some you can get tomorrow, um, you know, and some of it will be weeks. But that's exactly what we're working through. Maybe it does vary

by products. How concerned are you that somebody might see that and say, Okay, well I'm not going to buy that I'm going to go with a competitor product rather than waiting for it to come in stock and getting it after the holiday. This is something that we've been very focused on really since the beginning of the supply chain challenges last year, and so what we've been watching

closely are two things. One is UM now that our direct to consumer business has grown so much it's a quarter of our business and a grip for Scent year. Every year, we have a really really good handle on, you know, what those orders are, how they're coming in. We can watch conversion, we can watch cancelations importantly, and that has been very very low, single digits, and it

has not changed. So it looks like people are continuing to stick with UM, you know, our products, and I think it makes a lot of sense because this is a considered purchase, right, You're not rushing, You're not just like haphazardly going to order one of our products. You've usually done a little bit of research, You've thought about it, UM, and then you're placing your order. That was Patrick Spence, the CEO at son Nos full disclosure, we both own so you have been a Sons guy for years and

I kinda tell you what I mean. Almost every year it's like ends up on the Christmas list for somebody in my family. But we all have snass now, And that's the question, how does the company grow for customers who already have these products? Right, Like, you can only have so many speakers, although my husband would say you can have millions of speakers. To know, you can only have so many. You can only have so many. All right,

you're listening to Bloomberg Business Week. Coming up, the woman who literally wrote the book on the Real House of Gucci, Bloomberg Sarah Fordon joins us with a sensational story of murder, madness, glamour, and greed days before a movie based on her book hits the silver screen. Looking forward to watching that one. This is Bloomberg. This is Bloomberg Business Week with Carol Masser and Bloomberg Quick Takes. Tim Stinevik from Bloomberg Radio.

Sheridancloughlin was the romantic partner that gave fashion zion Mauricio Gucci the strength to leave his wife Tim. It was a decision that would get him killed back. It's a story that still resonates in the fashion world and in Hollywood, says audiences await the release of the saga retold in the Really Scott film House of Gucci. It's due out in theaters this coming week, more than two decades after

the book it's based on was published. Bloomberg Sarah Fordon penned The House of Gucci, a sensational story of murder, madness, glamor, and greed. Her new piece in this week's Pursuit section shares McLoughlin's side of the story for the first time. Sarah's team leader for Corporate Influence in Washington and was also named to lead our new tech policy Squad earlier this year. She joins us along with Bloomberg Pursuits editor Chris Rouser. Sarah, it's really great to have you with us.

Just just take us back and tell us how so many years ago you became so immersed in the story to begin with. Hi, Well, thanks for having me. I mean, this was an incredible story that just really drew me in because there were so many twists and turns, and this family fashion dynasty over three generations. Um, it was a kind of story that if you made it up, people wouldn't believe you. Um, it was so so outrageous

and so many surprising twists and turns. Exactly. There were so many twists and turns, and it is something that you feel like, Okay, this would be a streaming service, but no, it was reality. Um you know, as you were putting it together, because it played out in in real time, right, there was so much coverage. What is it that you wanted to dig into? Well? I was really drawn to the story by the figure of Modio Gucci, and I was covering him as a as a beat reporter.

Emmylan and his vision to um pilot his family company from sort of an over licensed um, sort of cheapened brand to a top tier luxury brand. He wanted to make Gucci like Italy's heirmez um So. He wanted to be sophisticated, he wanted excellent craftsmanship. He brought in Um, you know, American creative director and designer, and his his vision was to take it way up market only um. As he started putting it into place, he had cut

off the cash cows. He had um not really given consumers a chance to figure out that there was a new Gucci and the company was just heading towards bankruptcy. And as while this was going on, Sarah, this is Chris um. You know, there was this whole personal side of the saga where he was going through a divorce from his wife, Patrizia Reggiani, who was played by Lady Gaga in the film, and where he was at least for part of the time in a romantic relationship with Sherry,

which is what our stories about exactly. So my I realized that I was, you know, it's one thing to write a business story for um, you know, for for a newspaper, UM. But I realized that there was there was a narrative here that had the qualities of a novel. And it was by blending the family saga with the business story that I felt that this story really really came to ship to life. And I interviewed more than

a hundred people for the book. Talked to family members, I talked to you know, current and former employees of Gucci. But the one person who slipped away was Marizo, Gucci's girlfriend at the time, UM well, for seven years. Her name was Sherry McLoughlin. She was an American former model who worked in the fashion industry. But they actually met sailing in Sudenia um as the Italian team was preparing for the America's Cup. So, Uh, Sherry didn't want to talk to me at the time that I was writing

the book. She didn't know what kind of book I was going to write, and she ducked my phone calls and didn't answer my emails. Well, she came out of the woodwork, um a few months ago when the stills from the movie set started breaking the Internet, and I realized as we chatted that she was ready to tell her story. All right, so you go up to Chris and you go, Chris, I've got the story. Is that? Well, like,

tell me how this came together. Well, it's Um. It's actually really exciting to see it out in pursuit today because I was very uncertain whether Bloomberg would be interested in the story because it seemed like such a non Bloomberg story, right, it was really about the personal side, um. And yet Sherry had been you know, at mad to side when he was going through some of the toughest fights of his of his life, both with his financial

partner invest Corps and with his family. You know, he was battling for you know, the his uncle sent the financial police after him. Um. Was an accusation that he hadn't signed his father hadn't signed the shares um, you know, giving him the control and sent him, you know, escaping and a motorcycle across the border into Switzerland where there was no extradition. So he was really really grappling with a lot at the time, and she was the person who who was at his side trying to help him

the whole time. All right, question for you, Chris, Were you like, yeah, of course I'm interested. Well, yeah, I think I think maybe Sarah thought it felt a little gossipy for Business Week, and I love gossip, especially especially because this gossip really actually informed major news events and also obviously this crime. And it was a perspective that Sarah was really excited about hearing and getting out there.

And Sherry's not in the movie her She's not portrayed in the movie because no one knew her story, and so this is really like a missing piece of of the saga. And it also includes all these great details Sara mentioned the the publicity stills that broke the internet.

You might remember the first stills that came out were of Lady Gagan Adam Driver playing Maurizio and Patrizia, and they were in Italy, and it was so like Italian and eighties, and he's wearing white ski pants and and Sherry told us that he always wore white ski pants because he was a terrible skier, so he would fall, and but when he would get down to like the wine fueled lunch with everybody, no one would know that he felt because he was wearing white smart which is

a great little detail. That's the kind of thing that's in this story. Take us back more than twenty years ago when you were working on this book and you not being actually able to speak to Sherry, because she actually did approach you. You right after the book was out. Tell us about that interaction. That was really an incredible moment. So I had I had really given up on I had had to give up on her. My manuscript was

going into press, and she hadn't responded. So I limited, um, you know, my treatment of her just to just a few lines in the book. And I knew from other people that she had existed, but I didn't really have any any contours of the relationship or how how they had met, or you know, what time they spent together.

And the book came out in two thousand and then the paperback edition came out in two thousand one, and I was in New York presenting the paperback edition at the Filarly Bookstore and I'd finished signing books and everybody was just about leaving, and I noticed a tall blonde woman instead of standing hanging back, looking at me. And after the last person left, she came up to me with tears in her eyes and she said, Hi, Sarah,

I'm Sherry McLoughlin. If I had known you were going to write such a wonderful book, I would have talked to you. And she gave me a big hug and we both cried to read the book. Watched the movie House of Gucci. That's Sarah Ford, and she's team leader for Corporate Influence in Washington for Bloomberg News. She was joining us along with Bloomberg Proceeds editor Chris Rouser. Catch our full conversation and a conversation. You can find that on our podcast feed at Bloomberg dot com, at Apple

dot com, or wherever you get your podcasts. Still to come on Bloomberg Business Week. Timeless time Pieces a watchmaker with more than one seventy five years of history and the price tags to prove it. The CEO of a

langon Zona joins us. Next, this is Bloomberg Broadcasting from the financial capital of the World, Bloomberg eleven Rio in New York to Washington, d C. Bloomberg to Boston, Bloomberg one O six one to San Francisco, Bloomberg nine six to the country Sirius XM Channel one nine and around the globe the Bloomberg Business at and Bloomberg Radio dot Com. This is Bloomberg Business Week with Carol Messer and Bloomberg Quick Takes Tim Stenovan on Bloomberg Radio. Sometimes a watch

is more than just to watch. It's a statement. It's a symbol of elegance and prestige. And if you're a fan of cross and ship for a person's wrist, well, our next guest is definitely going to interest you. And I'm talking to the guy with no watches. Yeah that's me. I'm like holding up my wrist right now. I got zero watches, zero time pieces. Are you a watch person? I am a watch person. I have an Apple Watch on which I really love, but I have something makes

a real watch person. Just roll over. I have some beautiful watches at home. Um and I have to say, I still like having a time piece on my wrist. Well, the German watchmaker a Langon Zona, dates back to the eighteen forties and Wilhelm Schmidt has spent the last decade as the company's CEO. In that time, he's overseen the launches of an array of six and even some seven figure time pieces. Carol, so more than a million dollars for some of these watches. Now the company is out

with its latest masterpiece. Schmid joined our radio on YouTube simulcast this week to talk about the release of the Zitwork Honey Goal loom In. It's available now, is a two piece limited edition and tim it's priced at a hundred and how many of those are on your Christmas list? Carol? I wish I could put them on my Christmas list. Have you been bad? It's not going to bring you a six figure time piece? Pretty cool stuff. Let's see

what he had to say. You know, we've always been a successful company and there's nothing more difficult than to change, and we had things to change than changing, you know, a running engine, and with that sort of stand still within weeks, it gave us the time to prepare and to accelerate and transform. So it wasn't all bad, even of course it was quite tragic for a lot of people. I'm not denying this. It's it's fascinating film. You're so great.

I think everybody thought, okay, that's it, and then all of a sudden everybody did pivot. They were already thinking either about digital strategies. Did you guys go on on in digital or increase with what you were doing? That absolutely, because you were supposed to go on watches on one does in Geneva. That should have taken place in April, and obviously it didn't. We had about three weeks time to move from a physical Watchers and Wonders or watch

exhibition right who it's digital. Um, so we had three weeks or four weeks time to prepare. That was a good taste bet for our agility and how to to get there, and and then we moved on. And you know what people need to understand, said, you asked me three years ago, can I approach a client that I've never met before and tell them, look, we go on a zoom and then we'll we'll just chat a little bit.

They would have refused. You know, these were the days where they would expect me to fly in or them to come to me and you have a sit down and a dinner and all that. But not only had we to change, but I also believe that the client's behavior and and and the whole expectations have changed. Is that continuing, I guess the digital and being able to do that with are they now saying, Hey, Bill Helm, come on the world's reopening, Come take me for dinner.

There there's a big appetite for that. I'm not denying it. I think in future we will see more hybrid than ever before. So we'll get you know, all the administration work done through the digital, you know, information and a

little you know catch up here and there. But it all will help us to even more celebrate that moment when you just shipped together and you chat and you talk and you just see who the other is, how he feels, you know, his facial expression, body language and all the things you can't see, at least I can't see on a zoom. For our audience not familiar with the time pieces, what sets them apart from the other

competitors that are out there? And because and look, we're talking about time pieces that are six figures hundreds of thousands of dollars, in some cases over a million dollars. Yeah, Kim, you know we started about twenty thousand, and then you know that's not the sweet spot. The sweet spot is a lot higher. Um, it's it's at that part of the market. It's a package, and I think our package is that Germans. You know it does work. Um, what do you mean by that? Well, you can always read

the time immediately, you see the data mediately. There's a prioritization on the diet l which will give you the most important information, regardless how complex or complicated they watches on the first glimpse, Um go so far. Like you know, we have a minute repeater that's really sort of the highest complication almost that you can do in a in a watch. It gives you the time in an acoustic way.

So we do that waterproof, which is pretty stupid because you know, you don't want to seal something that should make a noise, but because we are worried that drop of water when you wash your hands with hit the crown and we'll go into the movement with damage. So these are that's the German thing. Then there is a lot of hunt aboute craftsmanship labor in it. That's Wilhelm Schmidt's CEO of German watchmaker A Landing Zona. You're listening

to Bloomberg Business Week. Coming up next, we go back in time for the beat of the and in All Access Pass with Gogs drummer Gina Shock on herbuck It tracks the band's journey through words and lots and lots of candid photos. You've got to check it out. This is Bloomberg. Wow. You're listening to Bloomberg Business Week with Carol Messer and Bloomberg Quick Takes Tim Stinovik from Bloomberg Radio.

We wind down this weekend edition of Bloomberg Business Week with an original member of The Go Goes, the first all female rock creep to write their own songs, play their own instruments, and reach the top of the Billboard charts. I have to say, I remember, uh, spending some time at the beach with my older cousins who were really into it, and and that's where I got introduced to the Go Goes. But they are like the perfect summer beach band. Oh and how cool is Gina Shock. She's really cool.

She's out with her new book Made in Hollywood. All access with the Go Goes. This is a person an all account of the band that includes a treasure trove of photographs and memorabilia collected over the course of her forty year career. She took these photos and now they are so good. It's like a scrap it is. I really had so much fun right looking through it. Well. Didna joined us from San Francisco, though she couldn't stop thinking about a little ceremony she attended in Cleveland just

a couple of weeks earlier. I'm still pretty high from to the rock and Roll Hall of Things. Things just kind of unbelievable. It's it's funny you sort of sort of you know your poo poo, and it's like, I don't care about this stuff, but then when it happens,

it's blow. It's mind blowing. It's like, Okay, you know, you feel like you're recognized by your fans, don't get me wrong, But then this sort of recognition is it's a whole different thing because you know, all your peers were there all all you know, all the other musicians and songwriters and people in my business were all They're celebrating this like triumph for the band and it felt good to get all those props, all that love and respect, and it felt very genuine one as well. It was

quite an evening, my friend, quite an evening. And you accepted the honor from Drew barrymore I know at the ceremony, I mean, like all of it, right, yeah, But then people are like, what's the deal with Drew Barry? What the deal is is that it couldn't have been someone better to give us out a word because Drew has been a real fan of this fancy. She's been a kid. And I was like, you know, in case you don't

know it, well now the word is out. And and after the show, well we were talking with Drew throughout the throughout the show, but it was like I didn't really realize how much of an impression we had left on her, because she said, you know, Gina through the years, I mean, we all know that she went through a lot of difficult periods in her life. It's just like we all had okay, but she I didn't realize that

we helped her to a lot of stuff. And that was I don't know, I just you can't believe it when you know you might think that about other people when you know, you think, oh, I remember when this song happened in how that helped me through this relationship that, but when it actually happened to you, it's sort of you can't take it all in that feel like you've made some that deep of an impression on someone, right, It's it's pretty incredible to hear that, Gina, because I

would imagine that you do hear from fans a lot about what it about, what the effect that your music has had on that I am these days. But you gotta remember, guys, I come home and I'm cleaning up my dog's poop and I'm doing dishes, and I'm you know, I'm back to my to the real life, which is most of the most of my life. And then you go out there for a couple of months of the year and you're rock starters left you You just you sort of you don't think about that all the time.

Then we's work to your attention. Like I was like, oh my god, this is really my job. How cool? Well, we have to say, your book really made an impression on us. And you, you know, are the unofficial I guess, our official photographer, self appointed archivist. I think is how somebody described you of the band UM. It really is an incredible history, but also the visual story that you tell. You know you're taking photos, it sounds like all the time.

I little did I know that all these years later it would it would all surface in the way that it has, because you know, back then, I just was always drawn to UM. I'm a very visual person. I was always drawn to photographs, and you know, uh, in my house even I have all of my art is all photographs from from various stuff, photographers or something not so much, but it's always something that's driven me. And so when I started taking photos with the band UM,

it felt like a very natural thing to do. The only differences is that, hey, I happened to be in the band, so I'm getting all these candid shots that no one else would ever be privy to UM if they weren't in the band. And I just had such a love for photography and I still do. And I can't believe I had my first UM. I had my first photo exhibition UM in Los Angeles this past weekend, and I was I mean I it was something that I only would have dreamt I could do. Your whole

book is just filter it with all your pictures. Is there a favorite picture or a picture that you just you really are you just love to talk about. You know, it's like favorite child, you guys. I've been asked that several times, and it's really difficult for me to give you an honest answer because everything in this book I love. I love. There's a reason I took this photograph for that photograph, this or that, and they all really have

some very important meaning to me. That is a moment in time that I'll never relive that I can look at and and and and I just and and then I remember everything it all comes back to me. That's not how I wound up writing so much. This isntingly just gonna be photographs and the boy. When I was asked to write some I was, I thought, I can't do this, but but but but look at the photographs.

The worst just started pouring out. Um. There's so many photographs in this book, you guys are looking through it right now that I love. Um. Of course, the clown Family happens to be one of my favorite um of the bunch that hosts a segment of photographs because it's so insane or ridiculous and just go to show you that they would do anything that I asked them to. Two. Well,

that's what crazy. They had such trust, right, I mean you really had front row seat, behind seat, like in terms of just catching them, uh, the whole group at any moment. Yeah, yeah, I mean, you know, we're just basically a group of five girls, a girl a little girl gang, just having a great time and living for the moment and you know, enjoying ourselves what it should

have been. You know, blemishes and all. It's it's it's it's part of growing and and experiencing life and and and through a lens that most people don't ever have the opportunity. One of the things that was kind of cool going through your book is the bands that you opened for the you know, iconic musicians like yourself that you guys ran into met. Tell us about some of those meetings, some of those things that were just like, oh my god, I can't believe I'm me. Well, you know,

I am the ultimate fan, let me tell you. You know, I just adore them. Oh it's music is my whole life and it's always been and I feel so lucky to be able to contribute. Um. I meeting David Bowie was a huge thing in my life. I idolized him growing up, and you know, had the utmost respect to the The guy was a genius um and I got to meet him three times and that was super duper cool.

It was actually the first time I met him that the photo of us in the book is when he was doing the serious Moonlight tour and we actually got to open for him too, I think. But the first time I met him was in nineteen eighty, before the Goobers were even signed. We were playing at the Ritz in New York City. Checked this out. We didn't have a record deal. We had just gotten back from England. We had been opening for Manness and the Specials over there,

so we all had our our boyfriends with us. So Manness, we're on our show. But we get done and we go to the I P Section and they're like, guess who was at your show? Who? Okay, David Bowie and his constant companion Coco Peak Townsend and John and Yoko. Now, unfortunately John and Yoko left during the encore, and yet in a couple of months he was going right um so, but the two of them had seen the show. That meant a whole lot to me and Pete Towns and that meant a lot. And then of course Bowie and

meeting him and talking to him. He was such a gentleman and so generous with his time, and we were all getting high and having a great time. But wow, what what an incredible night that was for me um and of course opening for the Stones. I mean, these are things you dream of, you know, And man, it's like happening. A little old Gina from Dundock in Baltimore, like, it's crazy stuff, guys. It's it's like your dreams do

can happen? They can really happen if you look. Have to stay focused and do the right thing, that's all. That's it. Hey, Gina, what what has it been like getting back there on the road and doing it at a time when we're in the midst of the pandemic. How are you doing it? Well? You know, it's been rough because the last two years we've had both we've had our tours canceled. We had last year we were

having a tour summer tour this year was canceled. So fortunately we are going to be doing some shows at the end of the year on the West coast. We're all really excited about. And then of course next year we're going to be doing shows with Silly Idol uh in the UK, UM playing like at Wemley and uh Leads Arena, all these fantastic places to play UM, and then we're we're going to be doing more shows in

the States. But on top of that, UM, this year it's just been incredible for us because it seems like everything is sort of coming to fruition. You know, our our documentary really pushed people, i think, to recognize the bandon and know the ban in a way that they had prior to that. Uh. UM. Also, you know our musical but which is out on Broadway a couple of years ago, that's coming back. That's the Passadena Playhouse like in a week, and it's opening in Australia again head

over here. That's really cool. UM. And then the induction into the Rock and Roll Hall of Fame, and then now I'm doing my book tour and and my first photo exhibition and like it's wow, well that's great, guys. Well it's just you know, it is interesting, and you really do think about the impact that you had. I mean, there's so many female musicians now and if you think about though when you guys went out and did your thing, it wasn't commonplace. No, not so much. Go ahead, please,

you know I'm one. Like I'm checking Instagram out every day. There are so many girls that are playing drums now and and shredding on guitar. There are so you know now that there's the latest statistic is that there are more girls learning instruments than there are guys now. But you like that one guy. That's incredible. M Yeah, it's that's the latest um and it's like really great. I'm hoping that we've had an influence on them. I feel

that we have. I've heard that a lot, and it's to me, the best gifts that I could ever leave when I closed my eyes on this planet is to think that I've inspired someone to step out of their comfort zone perhaps and do what they love to do. That's legendary drummer Gina Shock, the author of Maide in Hollywood All Access with the Go, goes this attribute to the trailblazing female rock band and now members of Rock Roll Hall of Fame vacations of everyone. You've got to

go to the Hall of Fame. Yeah, I know, I haven't got you said you've got and it's it's really cool. You should check it out, and this is the perfect time to do it. A go see Gina shock there. All right, we'll do that. All right. That wraps up the weekend edition of Bloomberg Business Week from Bloomberg Radio. Thanks so much for joining us on Carol Massa and Tim Stanabe. Could be sure to tune into Bloomberg Business Week Monday through Friday starting at two pm Wall Street

Time on Bloomberg Radio. You can also watch our daily broadcast on YouTube just search Bloomberg Global News. Also check out our Bloomberg Business Week podcast. You can find it at Bloomberg dot com, Apple, or wherever you get your podcast. Perfect to listen to over the weekend and you think I do alright, well Bloomberg Business Week. It's available on newstands now, at Bloomberg dot com, at business week dot com,

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